Western Copper and GOLD Announces Acquisition of Canadian Creek Property from Cariboo Rose
NEWS RELEASE
July 30, 2019 Release 12-2019
WESTERN COPPER AND GOLD ANNOUNCES ACQUISITION OF
CANADIAN CREEK PROPERTY FROM CARIBOO ROSE
VANCOUVER, B.C.: Cariboo Rose Resources Ltd. (TSX -V: CRB) (“Cariboo Rose”) and Casino Mining
Corp. (“Casino Mining”), a wholly owned subsidiary of Western Copper and Gold Corp. (TSX: WRN, NYSE
MKT:WRN) (“Western”) are pleased to announce that they have ent ered into a property purchase
agreement dated July 29, 2019 (the “Agreement”) whereby Casino Mining has agreed to purchase the 311
mineral claims that comprise the Canadian Creek Property (the “Property”) owned by Cariboo Rose (the
“Acquisition”). The Property lies directly adjacent to Western’s Casino Project (“Casino”).
The total consideration to be paid to Cariboo Rose for the Property will consist of the issuance of 3 million
common shares of Western (the “Shares”) at a deemed price of C$ 0.928 per S hare for an aggregate
Acquisition cost of C$2.78 million.
KEY HIGHLIGHTS
• Potential Extension of the Casino Project : The Acquisition would secure critical ground
immediately adjacent to the Company’s Casino Project, and there is likelihood that the Casino
deposit will extend into the Property. The immediate plan following closing would be to begin drilling
on Canadian Creek as part of the cu rrent drill program at Casino in hopes of identifying additional
mineralization. The primary target is a 700 meter untested area between the most westerly Casino
drill holes and the closest drill -holes on the Canadian Creek Property. The nearest four hole s on
the Canadian Creek Property to Casino have moderate potassic alteration to strong propylitic
alteration, leach capping or incipient leaching, weak enrichment and hypogene copper -gold-
molybdenum mineralization, which are typical of that occurring at th e outer edges of a porphyry
copper – gold – molybdenum deposit.
• Additional Exploration Potential : An additional target for porphyry copper -gold-molybdenum
mineralization is the Ana Zone lying 1.5 kilometers west of the primary target. The historical drill
holes testing the Ana Zone show consistent moderate to strong propylitic to potassic alteration
associated with anomalous levels of copper, gold and molybdenum. Within this alteration are small
bodies of intrusion breccia and Patton Porphyry, both closely associated with mineralization at the
Casino deposit. The Ana Zone measures 1.5 by 1.0 kilometers with no historical drill holes in the
centre of the area of interest. The Property also hosts structurally controlled gold-bearing zones in
the northern half of the property similar in style to the Coffee Project.
• Strategic Land Package: The Property is strategically positioned between the Casino Project and
Newmont Goldcorp’s Coffee Project. The Property shares a 6 kilometer long north-south boundary
on its eastern side with the Casino Project and a 12 kilometer long east-west boundary on its north
side with the Coffee Project. The Coffee –Casino connector road, as identified by the Yukon
Government as part of the Gateway Project (see Western’s news release dated September 5,
2017), also partially lies on these claims.
Paul West-Sells, President & CEO of Western commented, “The acquisition of the Canadian Creek Project
will considerably strengthen the Casino Project . It will add significant exploration potential, with a number
of exploration targets with the potential to increase mineralization of the Casino project – particularly the
initial heap leach. By increasing the overall land package and increased border with the Coffee project, it
will also further solidify the key position of the Casino Project in the region.”
Bill Morton President and CEO of Cariboo Rose commented, “ The sale of our Canadian Creek Project to
Western allows Cariboo Rose to maintain a strongly levered position in the development of the Casino
Deposit while at the same time bringing focused and immediate exploration spending on the Canadian
Creek targets. The enhanced potential for advancing not only the Casino Deposit but also in tying potential
future infrastructure development to the Newmont Goldcorp Coffee Project is very significant.”
Completion of the Acquisition is conditional upon, among other things, receipt of all necessary regulatory
approvals, including approval of the Toronto Stock Exchange and TSX Venture Exchange.
Any Shares issued pursuant to the Agreement will be subject to a 4 month hold period pursuant to
applicable securities laws.
For more information, contact:
Cariboo Rose Resources Ltd.
Bill Morton
President and CEO
Telephone: 604-681-7913
Toll Free: 888-656-6611
Western Copper and Gold Corporation
Chris Donaldson
Manager, Corporate Development and Investor Relations
Telephone: 604-638-2520
Toll Free: 888-966-9995
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a well -funded prospect generating mineral exploration company with six
precious and base metal exploration projects in BC and the Yukon. Cariboo Rose trades on the TSX
Venture exchange under the symbol “CRB”. For more information please visit Cariboo Rose’s website at
www.cariboorose.com.
About Western Copper and Gold Corporation
Western is developing the Casino Project, Canada’s premier Copper -Gold mine in the Yukon. For more
information, visit www.westerncopperandgold.com.
Cautionary Disclaimer Regarding Forward-Looking Statements and Information
This news release contains certain forward -looking statements concerning the Acquisition and its
anticipated effects on Cariboo and Western (collectively, the “Companies”) in future periods. Statements
that are not historical fact are “forward -looking statements” as that term is defined in the United States
Private Securities Litigation Reform Act of 1995 and “forward looking information” as that term is defined in
National Instrument 51-102 (“NI 51-102”) of the Canadian Securities Administrators (collectiv ely, “forward-
looking statements”). Forward-looking statements are frequently, but not always, identified by words such
as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions,
or statements that eve nts, conditions or results “will” , “would” , “may”, “could” or “should” occur or be
achieved. These forward -looking statements may include, but are not limited to, statements regarding
perceived merit of the Canadian Creek Property and Casino Project; permitting or other timelines; economic
benefits from the mine and/or the access road; strategic plans; or other statements that are not statements
of fact. The material factors or assumptions used to develop forward -looking statements include the
assumption that the conditions precedent to completion of the Acquisition (including receipt of all necessary
regulatory approvals) will be satisfied in a timely manner, prevailing and projected market prices and foreign
exchange rates, exploration estimates and result s, continued availability of capital and financing,
construction and operations, Western not experiencing unforeseen delays, unexpected geological or other
effects, equipment failures, permitting delays, and general economic, market or business conditions and as
more specifically disclosed throughout this document.
Forward-looking statements are statements about the future and are inherently uncertain, and actual
results, performance may differ materially from any future results, performance or achievements expressed
or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such
risks and other factors include, among others, risks involved in fluctuations in gold, copper and other
commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and
the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating
costs, recovery rates, production estimates and estimated economic retur n; risks related to joint venture
operations; risks related to cooperation of government agencies and First Nations in the development of
the property and the issuance of required permits; risks related to the need to obtain additional financing to
develop the property and uncertainty as to the availability and terms of future financing; the possibility of
delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to
timely availability of permits and other governmental approvals.
The forward-looking statements herein are based on the beliefs, expectations and opinions of management
of the Companies on the date the statements are made, and Western does not assume, and the Companies
expressly disclaim, any intention or obligation to update or revise any forward -looking statements whether
as a result of new information, future events or otherwise, except as otherwise required by applicable
securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-
looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.